14:46 09.01.2020

NBU bans private entrepreneurs to spend funds from business account on personal needs

1 min read
NBU bans private entrepreneurs to spend funds from business account on personal needs

The National Bank of Ukraine (NBU) has banned spending funds from business accounts of private entrepreneurs on personal needs.

"All types of settlement and cash transactions are carried out with current accounts opened for the national currency by private entrepreneurs engaged in independent professional activities, in accordance with the terms of the contract and the legislation of Ukraine, except for transactions related to personal needs," the NBU said in NBU resolution No. 162 dated December 27, 2019, which was posted on the central bank's website on January 2 and entered into force on January 3.

According to the document, after paying taxes, fees and other payments prescribed by law, private entrepreneurs can transfer funds from business accounts to personal current accounts, after which they can use the money for their own needs.

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